XA Group today unveiled Addenda, the first ‘Made in the UAE’, blockchain-based, end-to-end digital solution that enables insurers to reconcile motor recovery receivables between each other, putting an end to a decades-old industry challenge.
Motor insurance recoveries owing between UAE insurers have posed a significant financial burden on the sector, and as a result, have inspired a calling for innovative solutions to centralise and streamline the reconciliation process.
During a launch event held in Abu Dhabi under the patronage and presence of Abu Dhabi National Insurance Company, Emirates Insurance Company, Yas Takaful, and Oriental Insurance Company, XA Group announced that it is granting all MENA motor insurers open access to Addenda for the first six months in a bid to improve their financial position and help them overcome the challenge of motor recovery receivables. The insurers in attendance were among the first to adopt the digital solution and gain hands-on experience using it.
Originally a blockchain technology startup and a DIFC FinTech Hive member, Addenda is capitalising on XA Group’s advanced automotive repair and insurance solutions to facilitate, centralize and manage all communications between insurers during the recovery process of motor claims.
XA Group's vision is to further develop and enhance Addenda by integrating existing products into the platform and enabling seamless communications. Addenda aims to manage all the key touchpoints in the motor claims eco-system, bringing together insurers, brokers, repairers and customers.
XA Group, a UAE-based global provider of automotive aftermarket services operating in the Middle East, India and Europe, has also included an Arabic version of Addenda to support those regional insurers whose business language is primarily Arabic.
Addenda offers a live and shared view of policy data and documentation among insurers, providing visibility into the extensive approval and reconciliation process that takes place during motor recovery claims.
Commenting on the launch, Mina Sahib, Group Director MENA at XA Group, said: “We understand the challenges insurers face and the major financial burden posed on them due to the heavily decentralised and paper-based nature of the reconciliation process. Decentralisation often means insurance companies are unable to fully identify the reasons behind outstanding claims and therefore, they are not able to reconcile their financials with other insurers.”
“Seeing some of the leading insurers in the UAE onboard is a testament to the sector’s appetite for transparency and digitalisation. Using Addenda, those early adopters are set to strengthen their position in the marketplace as we plan to develop the platform further by adding new features and enhancements,” Mina added.